What are the initial challenges faced by entrepreneurs?
One of the first challenges an entrepreneur encounters is the development of a viable business idea. This involves identifying a market need and creating a product or service to fill that gap. Additionally, conducting thorough market research to understand the target audience, competitors, and industry trends can be daunting. Entrepreneurs often struggle with funding their ventures, as securing investments or loans requires a strong business plan and convincing potential investors of the idea's profitability.